Annual Report and Accounts 2012 - Speedy Hire plc

74 Financial statements
Notes to the financial statements
continued
14 Inventories
Finished goods and goods for resale 12.8 10.2
The amount of inventory expensed in the year amounted to £43.0m (2011: £46.5m), included within cost of sales. No provision in respect of
writedown in inventory is held at the year-end or prior year-end.
15 Trade and other receivables
Trade receivables 80.6 90.6
Other receivables 5.1 4.7
Prepayments and accrued income 2.0 2.4
87.7 97.7
There are £31.6m (2011: £40m) of trade receivables that are past due at the balance sheet date that have not been provided against.
There is no indication as at 31 March 2012 that debtors will not meet their payment obligations in respect of trade receivables recognised
in the balance sheet that are past due and unprovided. The ageing of trade receivables (net of impairment provision) at the year-end
was as follows:
Not past due 49.0 50.6
Past due 0–30 days 21.0 23.9
Past due 31–120 days 9.8 12.9
More than 120 days past due 0.8 3.2
80.6 90.6
The movement in the allowance for impairment in respect of trade receivables during the year was as follows:
At 1 April 4.1 6.7
Impairment provision charged to the income statement 5.5 7.6
Written off in the year (7.2) (10.2)
At 31 March 2.4 4.1
16 Assets held for sale
On 30 April 2011, the Group completed the sale of its accommodation hire operation to Elliott Group Ltd, a subsidiary of Algeco Scotsman,
for a total cash consideration of £34.9m. These assets are included within the ‘assets held for sale’ category as at the 31 March 2011 at
£33.4m, at fair value less costs to sell. A £13.8m exceptional charge was recognised in the income statement for the year ended 31 March
2011 (note 3). A further exceptional charge of £2.9m has been reflected for the year ended 31 March 2012, (note 3).
17 Trade and other payables
Trade payables 37.5 23.2
Other payables 7.0 6.8
Accruals 33.1 33.3
77.6 63.3
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